New Year's Room Rates High, But Dip Could Be Coming
Last-Minute Deals Aimed At Filling All Rooms
LAS VEGAS -- This is part two of a three-part report on the prices hotels are charging for New Year's Eve.
When we first started checking rates two weeks ago, one of the first things that leapt out at us was how much higher room rates are in Las Vegas for New Year's Eve this year compared to this time last year. Some hotels were asking for hundreds and in some cases thousands of dollars more than for an equivalent time period one year ago.
Of course, then we remembered that comparing this year and last year isn't quite fair, owing to the aftermath of Sept. 11, 2001, and what happened to the travel industry, especially in Vegas.
So the question is, are prices going to stay high in the coming weeks, will they go even higher, or will they price themselves out of demand and fall dramatically at the last moment? If the trend on this week's report is any indication, we think the answer to all three questions might be yes.
Generally speaking, prices have gotten higher in the last two weeks. Not a lot higher, but $10 here and $30 there can make a big difference. Of course there are exceptions that always prove the rule. A few hotels stayed steady and a couple even dropped their prices slightly. Note, slightly.
The behind-the-scenes buzz we're getting from hotel contacts is that bookings for New Year's are very strong this year, hence the higher prices. But almost everyone I spoke to doubted they would sell out their thousands of rooms at these higher prices, and that usually means that prices, at some point, will start coming down to lure as many people as possible. But when will that happen?
This is all pure conjecture, but we believe rates will remain relatively high for the next couple of weeks and then around Dec. 15 you'll start to see some downward trends. The week leading up to New Year's, the hotels will drop rates to prices close to their normal rates to try get all of those last-minute party seekers.
But that's just our theory and we could be, and have been, wrong. If you're nervous about waiting until the last minute, by all means book now and guarantee yourself a room. The peace of mind you get may be worth the extra money you pay.
Vegas4Visitors.com New Year's Eve 2003 Room Rate Report
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Rick Garman is the head writer for Vegas4Visitors
